Venezuelan Refinery Capacity at 750,000 BBL/d

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Written by Daniel Graeber for IIR Energy Intelligence (Sugar Land, Texas)

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Summary

Internal data show Venezuela can process about what OPEC sources said the nation was producing in December. Various reports suggest export capacity is on the rise.

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Exports on the Rise, Reports Suggest

Data from IIR Energy show the Venezuelan oil refining capacity is just more than 750,000 barrels per day (BBL/d), as reports continue to circulate about the sector's rapid recovery.

There have been few signs of problems in the Venezuelan oil sector since U.S. military forces seized Venezuelan President Nicolas Maduro and his wife from their compound in Caracas in early January.

Since the capture, and claims of U.S. tacit authority over the country, various reports suggest a sector plagued by chronic under-investments and mismanagement was recovering. On Tuesday, Reuters cited unspecified shipping data, reported crude oil exports were up to 800,000 BBL/d, a 66% increase from December levels.

The report indicated that trading houses Vitol and Trafigura exported about 392,000 BBL/d last month, though some of that went to storage. Chevron Corporation last month accounted for about 220,000 BBL/d, and most of that went to U.S. refiners, Reuters reported. The source of any remaining barrels is unclear, and federal data suggest U.S. imports were far lower than reported.

The U.S. Energy Information Administration (EIA), part of the U.S. Department of Energy, reported U.S. refiners took in an average 94,000 BBL/d from Venezuela during the seven-day period ending January 23. That's compared with 319,000 BBL/d during the same period last year.

Secondary sources reporting to the Organization of the Petroleum Exporting Countries (OPEC), of which Venezuela is a founding member, put total crude oil production at 896,000 BBL/d in December, down from the 956,000 BBL/d from the prior month.

Meanwhile, IIR Energy data show few problems in the Venezuelan refinery sector. Repairs were completed at the Amuay Refinery in early January, and few problems have surfaced since then. All told, data show Venezuelan refineries combine for about 750,000 BBL/d in design capacity, not counting upgraders.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project and Plant databases can learn more about Venezuelan refineries and upgraders--including capacities, investment values and necessary equipment--in this detailed list.

Much of the untraceable barrels could be from storage, meanwhile. Reuters reported that some 4 million barrels were in storage from a late-2025 embargo imposed by the U.S.

By the Numbers

• 896,000 BBL/d from Venezuela in December
• 60% of U.S. crude oil imports come from Canada
• 66% increase in oil exports since December

U.S. Claiming Control over Venezuela's Oil

U.S. President Donald Trump ramped up the aggression on Venezuela last year due to claims of narcotics trafficking that he said posed a national security risk to the U.S. Since Maduro's capture last month, however, Trump's rhetoric has focused largely on crude oil.

A century-old U.S. refinery sector is tailored to run a heavier crude oil slate as the light, sweet crude oil found in U.S. shale basins didn't emerge as a viable resource until the beginning of the 2000s. Canada and Mexico are the top two exporters, respectively, with Canada accounting for about 60%, or some 4 million BBL/d, in U.S deliveries.

The U.S. Treasury Department recently eased sanctions on Venezuela, which would open the door for investments. ExxonMobil and TotalEnergies expressed reservations about committing to Venezuela during a recent meeting with the U.S. president, however.

A handful of Democrats in the House of Representatives, meanwhile, warned oil companies of the risk of getting involved in Venezuela, given the legal questions surrounding everything from U.S. military action against drug traffickers to claims of authority over the country.

Détente is evolving, nevertheless. Interim Venezuelan President Delcy Rodriquez met Monday with U.S. envoy Laura Dogu to discuss ways to mend bilateral ties.

"The governments of Venezuela and the U.S. have set out to advance on a roadmap to address matters of bilateral interest, through diplomatic dialogue and on the basis of mutual respect and international law," a Venezuelan statement read.

Key Takeaways

• Venezuelan oil sector rebounding quickly
• Narrative shifts from narcotics to crude oil
• U.S. eased sanctions pressure last month

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR News Intelligence) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 250,000 current and future projects worth $30.2 trillion (USD).